Viatar CTC Solutions Inc. (OTCBB:VRTT) announced that it has entered into agreement for private placement of 200,000 series B convertible preferred shares at a price of $2.50 per share for gross proceed of $500,000 on February 29, 2016. The series B round of funding included participation from existing accredited investors. The preferred shares are convertible into common shares of the company at a fixed price of $2.50 per share.

The preferred share will bear a fixed dividend of 9.5% per annum. The round is raised at a post money valuation of $60,000,000. The transaction is expected to close in late March 2016.